A leading Chinese banker has defended China’s trade with Africa, arguing that it is both sustainable and beneficial to the African continent, the Wall Street Journal reported. Li Ruogu, president of the Export-Import Bank of China, said his bank would continue to invest in China despite criticisms from abroad. He also dismissed claims by developed countries that China was driving up African nations’ debt levels by providing large loans and pushing exports, or that China was not transparent in its dealings with the continent. "Western countries should set an example by making public the resources they have grabbed from Africa in the past 400 years. Only after that can we come to the issue of China’s transparency," he said. Exim bank, which finances China’s imports and exports of machinery and high-tech products, has invested one-third of its US$139 billion assets in Africa.
Categories